St. Tammany Parish property tax debts will be auctioned off at Covington courthouse

Residents will have an opportunity to invest in the debts of property owners who have not yet paid their taxes at an auction Wednesday morning.

The debts on more than 2,100 properties are scheduled to be sold at the 10 a.m. auction in the misdemeanor courtroom of the St. Tammany Parish courthouse at 701 N. Columbia St. in Covington, Sheriff's Office spokesman Capt. George Bonnett said.

The annual auction provides parish agencies with the tax revenue they are owed while providing a potential investment for those who buy the debt. Buyers are purchasing the right to debt, which is subject to 1 percent interest per month.

In rare cases, the buyers can actually take over the properties. But that only occurs after a debt has not been repaid for three years.

Property owners can keep from having their debts sold by paying their bill at the courthouse between 8 a.m. and 10 a.m., Bonnett said. Payments must be made by certified check, cash or money order, he said.

Buyers can register for the sale starting at 8 a.m. in the courthouse.